Dynasty Trusts Explained: How to Protect Your Child's Inheritance General Estate Planning

[@michaelperog4201]

Excellent

[@winfarrar6999]

Ellen, this is excellent! So helpful to people, including our family! Thank you for your excellent services! I look forward to learning more! - Win

[@ellencookman-EstatePlanningSNT]

Thank you so much, Win! I really appreciate all of your time watching and your feedback!

[@MrC3696]

Yes

[@pattayaearl6952]

my understanding. I have heard of the dynasty trust. started with the Rockefellers and Kennedys. was in the state of South Dakota

[@johnvento7011]

Bless Your Heart, Excellent Review & Teaching.

[@ellencookman-EstatePlanningSNT]

Thank you!

[@golestaan2259]

1. Hello Ellen, thanks for wonderful video. I have a living trust that I want to convert to Dynasty trust. Can I convert or need to dump this one and start a new one? 2. Is Dynasty trust, revocable or irevcabe? 3. If I distribute money in trust over life time, what is the advantage to convert living trust to dynasty btrust?

[@ellencookman-EstatePlanningSNT]

@Golestaan I’m glad you like the video! A Dynasty Trust, which is typically an irrevocable trust, is also called an “asset protection trust,” and it is difficult in California to do asset protection for oneself. I suggest you consult with an asset protection attorney if you want to create a Dynasty Trust for yourself.

[@jillr759]

Great information Ellen!

[@anthonyle1101]

Hey Ellen, what are some things you can do to help keep athletes protected longer than three generations? Is there anything you can do to pass along and protect assets after the dynasty trust expires?

[@justinthomas2880]

Look into Wyoming & Delaware.

[@KimJeffer]

Thank you for sharing this information but i am really lost and not understanding exactly what the various trusts mean. I think it would be helpful to give more concrete examples.

[@ellencookman-EstatePlanningSNT]

Here is a video where we break down the different types of trusts out there: Types of Trusts - Which Option is Right For You? kzbin.info/www/bejne/op7Idppuhc-oiNk

[@richlaw5136]

So what's a better strategy for wealth management for real estate assets? Statutory trusts or dynasty trusts?

[@ellencookman-EstatePlanningSNT]

Please see my video on income taxes for special needs trusts - the payment of income taxes should work similarly I don’t deal with statutory trusts (they’re not very common in CA) so I really can’t compare the two.

[@anthonyeaster362]

🤝📈

[@richlaw5136]

Also, I understand the beneficiaries aren't taxed, but isn't the trust taxed?

[@stetsonsmith2810]

Are these a good option for setting up a family bank?

[@ellencookman-EstatePlanningSNT]

I’m not quite sure what you mean by a “family bank,” but no, these are typically not used as a bank.

[@stetsonsmith2810]

I am referring to the infinite banking concept@@ellencookman-EstatePlanningSNT

[@munakaur473]

How about Canada? Same application applies. Please update.

[@ellencookman-EstatePlanningSNT]

Thanks for your question. I don’t practice in Canada, and I don’t know the laws there. Sorry, I can’t help you!

[@crooked52h]

Nevis Offshore trust last indefinitely